"This growth and increase in revenue has enabled us to significantly reinvest both in the playing squad and the football operational infrastructure.

"Financial results do fluctuate depending on player trading costs and timing of payments but what's clear in these latest results is the further strengthening of our underlying financial footing and profits being reinvested in the squad and infrastructure.

"Since the reporting period, which is now nearly 12 months old, we have continued reinvesting in the playing squad from those areas of growth.

"In addition, the capital investment in our new training complex in Kirkby is well under way which will provide first-class amenities for our players and staff, and will vastly improve sports facilities for the community of Kirkby."

The figures show the club's media revenue increasing by £66m to £220m, commercial revenue increasing by £17m to £154m and match revenue increasing by £7m to £81m.

During the period, the side celebrated its 125th anniversary and the commemorative jerseys were the most popular selling shirts in the club's history, according to the club.

It also reported an overall 14% growth rate on its social media platforms taking its total number of followers to more than 60 million.

Mr Hughes added: "We're making solid progress right across the club.

"Costs in football continue to rise year on year and it's important we constantly review and manage our operating costs to ensure we're in the right shape for future success.

"With the continued support of our ownership group, performance on the pitch and maintaining our priority of reinvesting back into the squad, we remain focused towards fulfilling all our football ambitions."